sample_exam1 - ECON 101- Midterm I (PART B) Problems Name:_...

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ECON 101- Midterm I (PART B) Problems Name:__________________________ No:__________ Section No:__ 1. What happens to the price of a good if a shortage exists in that market? ( Use supply and demand curves to answer this question) ( 8 p. ) 2. By drawing new curve(s) on the provided graphs, show how the following events affect the equilibrium price (P E ) and quantity of PIZZA (Q E ). ( 5 p. each ) Events Effect on P E and Q E P S a) The income of people who like to eat pizza decreases . D Q P S b) Price of Pide (a substitute for Pizza) decreases . D Q P S c) There is a decrease in the price of cheese (input). D Q 3. Refer to the information provided in table below to answer the following questions. Design Brochure Design Web Site Matthew 10 2 Andrew 12 3 1
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a) Calculate the opportunity cost of designing one Web site, for Matthew and Andrew. (3 p. ) b) Calculate the opportunity cost of designing one brochure, for Matthew and Andrew. (3 p. ) c) State who has a comparative advantage in web site designing
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This note was uploaded on 12/03/2009 for the course INDUSTRIAL IE 307 taught by Professor Arzuakyüz during the Spring '09 term at Atılım Üniversitesi.

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sample_exam1 - ECON 101- Midterm I (PART B) Problems Name:_...

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